Shell continues divestment streak with Irish sale

Shell said it’s past the halfway point in its three-year divestment streak after shedding its stake in a natural gas field off the coast of Ireland. File photo by Brian Kersey/UPI July 12 (UPI) — The $1.23 billion gained from leaving parts of the Irish energy sector puts Shell past the halfway point for its total divestment goal, a company director said. Shell said a subsidiary was selling off its 45 percent stake in the Corrib natural gas venture as part of a broader divestment effort. Andy Brown, the company’s director for exploration and production, said the sale is part of Shell’s effort to reshape its portfolio for future value. “It demonstrates the strong momentum behind our three-year $30 billion divestment program,” he said in a statement . “At the half-way point, we have now announced deals valued at more than $20 billion.” In May, Shell’s aviation subsidiary in […]